Blackboard reassures education customers after acquisition

From staff and wire reports

July 1st, 2011

Blackboard Inc. officials will stay in their current positions for now.

Educational software maker Blackboard Inc. is being taken private for $1.64 billion in cash by an investor group led by affiliates of Providence Equity Partners, and a Blackboard official said the much-discussed purchase would not affect the company’s education customers, as the company would continue its focus on mobile learning and analytics.

Under the terms of the deal announced July 1, shareholders of Blackboard will receive $45 for each share of Blackboard they own.

The price represents a 21-percent premium over the stock’s closing price on April 18, the day before the company said it was considering a sale. The stock closed June 30 at $43.39.